Nobel Laureate in Economics, Professor at Yale University Robert Schiller believes that Bitcoin attracts those who would like to outwit the system:
“Bitcoin, it’s just absolutely exciting. You’re fast. You’re smart. You’ve figured out nobody else understands. You’re with it. And bitcoin has this anti-government, anti-regulation feel. It’s such a wonderful story. If it were only true.”
The economist gained fame due to accurate forecasting of the bubble bursts that lead to the dotcom crisis (2000) and the collapse of the US real estate market (2008).
Earlier, Schiller had already said that Bitcoin was the "best example" of a bubble. This time, speaking about the cryptocurrency, he compared the situation with the stock market in the 1920s. The Nobel laureate noted that he does not know where Bitcoin prices will stop, but “we will reach 1929 in the end.” In that year, as a result of the collapse of the US stock market, the world economic crisis, also called the "Great Depression," began.
Schiller added that the cryptocurrency "will not turn into zero, it just falls."
Today, the bitcoin rate has updated its record value, approaching the value of $ 11,850. At the beginning of this year, the price of the most popular cryptocurrency was less than $ 1000.
On Tuesday, another Yale University senior fellow, Stephen Roach, told CNBC that Bitcoin was in a “dangerous speculative bubble.” He said:
“This is a dangerous speculative bubble by any shadow or stretch of the imagination.”
“I've never seen a chart of a security where the price really has a vertical pattern to it. And Bitcoin is the most vertical of any pattern I've ever seen in my career,” Roach added.
Stephen Roach is also a former Morgan Stanley executive. He held the position for over 30 years. He concluded:
“Like all bubbles, they burst,” he said. “They go down, and the one who's made the last investment gets hurt the most, there's no question about it.”
On Tuesday, Bitcoin price updated its record high, approaching the value of $11,850. Note that at the beginning of this year, the quotation was less than $1,000.